Meanwhile, the outlook for corn and soybeans appears favorable, North says. While the U.S. is feeling the effects of the 2012 drought on lower stock numbers, big stocks globally are the real story.

At this point, the U.S. farmer is managing the harvest rodeo as producers worldwide resupply and add additional grain to newly installed bins, Hogan notes.

"It feels like corn yields are currently growing as we chat with our clients throughout the countryside," he says. "Bean yields feel like they stabilized. Maybe USDA has the right number now. That’ll be seen on the Oct. 11 report."

Click the play button below to watch Part 1 of the U.S. Farm Report Market Roundtable:

Click the play button below to watch Part 2 of the U.S. Farm Report Market Roundtable: